Pirelli will stay as Formula One’s tyre supplier until at least 2019, the Italian company said at the Russian Grand Prix yesterday.
“A commercial agreement has been found with FOM (Formula One Management),” Pirelli motorsport head Paul Hembery told reporters.
“There is still the formal process to go through for final ratification at the FIA world council but we’ve been approved technically by the FIA. We’ve got a bit of contract writing to do now, that will keep the lawyers busy for a little while, and then four years in front of us.”
Formula One’s commercial supremo Bernie Ecclestone had earlier shaken hands with Pirelli chief executive Marco Tronchetti Provera on the Sochi starting grid and announced “we’ve done a deal.”
Pirelli, the existing supplier, were competing against French company Michelin for the contract.